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Author Question: An 11-year $5000.00 promissory note, with interest at 4.4% compounded monthly, is discounted at 3.5% ... (Read 176 times)

rlane42

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Question 1

Musa's parents deposited $20,000 in a long-term savings account as a wedding expenditure for their grand daughter at her birth, expecting it to triple by the time she gets married. Calculate the number of years for money to triple at 5% p.a. compounded monthly.
◦ 25 years
◦ 30 years
◦ 18 years 7 months
◦ 22 years 6 months
◦ 22 years

Question 2

An 11-year $5000.00 promissory note, with interest at 4.4% compounded monthly, is discounted at 3.5% compounded semi-annually yielding proceeds of $7651.15. How many months before the due date was the date of discount?
◦ 116 months
◦ 132 months
◦ 76 months
◦ 47 months
◦ 20 months


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Marked as best answer by rlane42 on Jun 6, 2019

Athena23

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